Yussuf C H A R L E S YUSSUF | Istanbul Sabahattin Zaim University / İstanbul Sabahattin Zaim Üniversitesi (original) (raw)

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Papers by Yussuf C H A R L E S YUSSUF

Journal of Islamic Economics and Finance, 2022

The paradigm shifts from a linear to a circular economy and other development approaches, especia... more The paradigm shifts from a linear to a circular economy and other development approaches, especially in conventional economics disregard religious values of which the primary objective is to promote human well-being from a wider perspective. Hence, the present study analyzes the concept of circular economy in light of the purpose of Islamic law (Maqasid al-Shariah). It adopts qualitative/semantic content analysis as a research approach.
The finding reveals that the circular economy and its related concepts in one way or another support the objective of Islamic law (Maqasid al-Shariah): as the preservation of life and progeny can be achieved through the circular economy’s initiatives related to the preservation of ecology and ecosystem, whereas the preservation of intellect can be achieved through the measures related to reducing harmful wastes and pollution. While the preservation of wealth can be achieved through the circular economy measures for resource conservation.
These findings enlighten both Muslim and non-Muslim communities; firstly, on the positive stance of circular economy to the Maqasid al Shariah and secondly the need to promote the circular economy initiatives to preserve the ecological balance and environment which are the precious gifts from the Creator.

Journal of Islamic Economics and Finance, 2021

The criteria for bank selection by a customer is one of the most challenging issues for many bank... more The criteria for bank selection by a customer is one of the most challenging issues for many bankers, as commercial banks perform similar functions in the banking system of any economy.
Therefore, the present study attempts to analyze and prioritize the main determinants of consumer choices for Islamic Banks. It adopts survey questionnaires with 250 sample size through convenient and snow bowling sampling analyzed using the Analytic Hierarchy Process.

The findings reveal that corporate customers prioritize religious motives followed by low service charges as the main determining factor for their choices, while customer service and profit-sharing came in the third and fourth places, respectively.
The findings further show that retail customers prioritize religious factors, followed by customer services. These findings are indicative that the customers opted for Islamic banks with significant influence of religious motives.
Moreover, the study also reveals that Amana bank was prioritized in terms of Shari 'ah compliance, while NBC and KCB banks both highly prioritized in terms of customer services, and PBZ bank was highly rated in terms of lower service charges. This further implying that customers would place the highest trust in Islamic banks when operating as full-fledged Islamic banks compared to window services.

Asian Journal of Economics and Banking, 2021

Purpose-The purpose of the paper is to test and analyze the equilibrium economic relationships of... more Purpose-The purpose of the paper is to test and analyze the equilibrium economic relationships of the East Africa Community (EAC).
Design/methodology/approach-To attain the study's purpose the authors applied the Johansen cointegration test, including long-run structural modeling (LRSM), vector-error-correlation-model (VECM) and variance-decomposition (VDC).
Findings-At I(1), both Philips-Peron (PP) and Kwiatkowski-Phillips-Schmidt-Shin (KPSS) tests show that the East Africa member states' economies are cointegrated. The result was further substantiated by the tests based on Johansen cointegration and VECM procedures, showing significant long-run and short-run economic relations. The result further reveals that despite some uncommon issues among member states such as Tanzania and Kenya, however, their economic relationships remain significant though it is negative. Moreover, the finding revealed positive and significant short-run economic relationships between Kenya, Burundi and Rwanda.
Originality/value-The paper applies the cointegration techniques in the context of EAC. The result is likely to add value to the policymaker and also to the existing literature on the subject. This may trigger policy implications and open new research direction within the region and out.

Academia Letters, 2021

Riba literally means expansion, excess, increase, addition, or growth. Technically it is defined ... more Riba literally means expansion, excess, increase, addition, or growth. Technically it is defined as an excess over and above the principal of the loan without any counter value (Chapra, 2008). The concept of Riba is not only confined to the increase arising from the loan contracts due to the deferment in repayment time, as some of us might think. It can also arise in exchange/trade contracts of similar items or commodities. Thus, there can be Riba in loan contracts as well as in exchange/trade contracts. Riba in the former is the increment charged on debt/loan in respect of the repayment period, whereas in the latter it arises either when one item is exchanged with a similar item with an unequal amount or delay in the delivery of one of the items. The items or commodities which underlie the exchange contract can be gold, silver, salt, wheat, barley, and or dates, in the modern sense, it includes currency exchange contracts. Accordingly, Interest is prohibited not only in Islam but also in other religions like Christianity and Judaism (Kahf, 2014). To avoid getting into the concept of interest during the exchange contracts certain principles need to be adhered to circumvent from falling into Riba, these include. 1. If the exchange involves trading items of the same genus such as gold for gold, or USD for USD, the principle is that they should be exchanged on an equal amount and the delivery should be made on spot. If the amount and delivery time differs leads to Riba. 2. If the exchange contract involves elements of different genus but having the same categories such as gold to silver, wheat to barley, or USD to EUR, the amount can be

Book Reviews by Yussuf C H A R L E S YUSSUF

Routledge, 2023

Methods and techniques adopted in teaching, training, learning, research, professional developmen... more Methods and techniques adopted in teaching, training, learning, research, professional development, or capacity building are generally standardized across most traditional disciplines, particularly within developing countries. This is not the case, however, when it comes to the Islamic disciplines, and, in particular, in relation to the study of Islamic economics and nance, which is in uenced by conventional standards and techniques. This is primarily due to the lack of availability of requisite standards and mechanisms designed within the spirit of Maqsid al-Shari'ah. This book o ers a unique resource and a comprehensive overview of the contemporary methods and smart techniques available for teaching, learning, and researching Islamic eco-nance, and it presents solutions to the challenges in implementing them. Further, the book gives deep insight into the most appropriate methodologies that could be employed empirically to explore, model, analyze, and evaluate Islamic nance theories and models, respectively. It also gives recommendations for improving learning, teaching, and research outcomes in Islamic eco-nance. The book also addresses how, in this advanced technological era, smart tools like arti cial intelligence, machine learning, big data, Zoom, and the internet of things can be adapted to help equip students, researchers, and scholars with smart skills. The book will enable those studying Islamic economics and nance to grasp the appropriate tools for research and learning. Additionally, the Islamic economics and nance sector is growing at a signi cant rate and therefore requires the upskilling and capacity building of its human resources; thus, the book will also be highly bene cial for practitioners involved in the industry.

Journal of Islamic Economics and Finance, 2022

The paradigm shifts from a linear to a circular economy and other development approaches, especia... more The paradigm shifts from a linear to a circular economy and other development approaches, especially in conventional economics disregard religious values of which the primary objective is to promote human well-being from a wider perspective. Hence, the present study analyzes the concept of circular economy in light of the purpose of Islamic law (Maqasid al-Shariah). It adopts qualitative/semantic content analysis as a research approach.
The finding reveals that the circular economy and its related concepts in one way or another support the objective of Islamic law (Maqasid al-Shariah): as the preservation of life and progeny can be achieved through the circular economy’s initiatives related to the preservation of ecology and ecosystem, whereas the preservation of intellect can be achieved through the measures related to reducing harmful wastes and pollution. While the preservation of wealth can be achieved through the circular economy measures for resource conservation.
These findings enlighten both Muslim and non-Muslim communities; firstly, on the positive stance of circular economy to the Maqasid al Shariah and secondly the need to promote the circular economy initiatives to preserve the ecological balance and environment which are the precious gifts from the Creator.

Journal of Islamic Economics and Finance, 2021

The criteria for bank selection by a customer is one of the most challenging issues for many bank... more The criteria for bank selection by a customer is one of the most challenging issues for many bankers, as commercial banks perform similar functions in the banking system of any economy.
Therefore, the present study attempts to analyze and prioritize the main determinants of consumer choices for Islamic Banks. It adopts survey questionnaires with 250 sample size through convenient and snow bowling sampling analyzed using the Analytic Hierarchy Process.

The findings reveal that corporate customers prioritize religious motives followed by low service charges as the main determining factor for their choices, while customer service and profit-sharing came in the third and fourth places, respectively.
The findings further show that retail customers prioritize religious factors, followed by customer services. These findings are indicative that the customers opted for Islamic banks with significant influence of religious motives.
Moreover, the study also reveals that Amana bank was prioritized in terms of Shari 'ah compliance, while NBC and KCB banks both highly prioritized in terms of customer services, and PBZ bank was highly rated in terms of lower service charges. This further implying that customers would place the highest trust in Islamic banks when operating as full-fledged Islamic banks compared to window services.

Asian Journal of Economics and Banking, 2021

Purpose-The purpose of the paper is to test and analyze the equilibrium economic relationships of... more Purpose-The purpose of the paper is to test and analyze the equilibrium economic relationships of the East Africa Community (EAC).
Design/methodology/approach-To attain the study's purpose the authors applied the Johansen cointegration test, including long-run structural modeling (LRSM), vector-error-correlation-model (VECM) and variance-decomposition (VDC).
Findings-At I(1), both Philips-Peron (PP) and Kwiatkowski-Phillips-Schmidt-Shin (KPSS) tests show that the East Africa member states' economies are cointegrated. The result was further substantiated by the tests based on Johansen cointegration and VECM procedures, showing significant long-run and short-run economic relations. The result further reveals that despite some uncommon issues among member states such as Tanzania and Kenya, however, their economic relationships remain significant though it is negative. Moreover, the finding revealed positive and significant short-run economic relationships between Kenya, Burundi and Rwanda.
Originality/value-The paper applies the cointegration techniques in the context of EAC. The result is likely to add value to the policymaker and also to the existing literature on the subject. This may trigger policy implications and open new research direction within the region and out.

Academia Letters, 2021

Riba literally means expansion, excess, increase, addition, or growth. Technically it is defined ... more Riba literally means expansion, excess, increase, addition, or growth. Technically it is defined as an excess over and above the principal of the loan without any counter value (Chapra, 2008). The concept of Riba is not only confined to the increase arising from the loan contracts due to the deferment in repayment time, as some of us might think. It can also arise in exchange/trade contracts of similar items or commodities. Thus, there can be Riba in loan contracts as well as in exchange/trade contracts. Riba in the former is the increment charged on debt/loan in respect of the repayment period, whereas in the latter it arises either when one item is exchanged with a similar item with an unequal amount or delay in the delivery of one of the items. The items or commodities which underlie the exchange contract can be gold, silver, salt, wheat, barley, and or dates, in the modern sense, it includes currency exchange contracts. Accordingly, Interest is prohibited not only in Islam but also in other religions like Christianity and Judaism (Kahf, 2014). To avoid getting into the concept of interest during the exchange contracts certain principles need to be adhered to circumvent from falling into Riba, these include. 1. If the exchange involves trading items of the same genus such as gold for gold, or USD for USD, the principle is that they should be exchanged on an equal amount and the delivery should be made on spot. If the amount and delivery time differs leads to Riba. 2. If the exchange contract involves elements of different genus but having the same categories such as gold to silver, wheat to barley, or USD to EUR, the amount can be

Routledge, 2023

Methods and techniques adopted in teaching, training, learning, research, professional developmen... more Methods and techniques adopted in teaching, training, learning, research, professional development, or capacity building are generally standardized across most traditional disciplines, particularly within developing countries. This is not the case, however, when it comes to the Islamic disciplines, and, in particular, in relation to the study of Islamic economics and nance, which is in uenced by conventional standards and techniques. This is primarily due to the lack of availability of requisite standards and mechanisms designed within the spirit of Maqsid al-Shari'ah. This book o ers a unique resource and a comprehensive overview of the contemporary methods and smart techniques available for teaching, learning, and researching Islamic eco-nance, and it presents solutions to the challenges in implementing them. Further, the book gives deep insight into the most appropriate methodologies that could be employed empirically to explore, model, analyze, and evaluate Islamic nance theories and models, respectively. It also gives recommendations for improving learning, teaching, and research outcomes in Islamic eco-nance. The book also addresses how, in this advanced technological era, smart tools like arti cial intelligence, machine learning, big data, Zoom, and the internet of things can be adapted to help equip students, researchers, and scholars with smart skills. The book will enable those studying Islamic economics and nance to grasp the appropriate tools for research and learning. Additionally, the Islamic economics and nance sector is growing at a signi cant rate and therefore requires the upskilling and capacity building of its human resources; thus, the book will also be highly bene cial for practitioners involved in the industry.